servicesfor Corporates...2. cpr am 3. cdc 4. la banque postale am 5. ostrum am (ex-natixis am) 6....

services for CorporatesNon-deal Roadshows, Conferences, Dedicated Services for Investor Relations Departments

Update: September 2018

Kepler Cheuvreux: our DNA 3

Your Best Options: Roadshows, Combined Tours, Conferences & One-Stop-Shops 14

North America, Asia, Australia: Meet with local key investors 27

Services dedicated to IROs &Management 37

SmartConnect Contacts 45

Content

Annual IR SummitJoin us and meet 200 IR’s

Europe’s Leading Local Broker

European Equity Market LeadershipOnly top-10 independent broker with a different model Unique Selling Proposition

Multi-local Presence with offices in 12 European and 2 US locations

Global broker in Europe with research distribution agreements:CIMB (2015) - 750 Asian stocks Piper Jaffray (2017) - 700 US stocksCIBC (2018), European research for Canadian investors

Top ranked Independent Equity Research

Most extensive Research Coverage in Continental Europe

Largest Equity Distribution Platform in Europe

Only profitable “non-subsidised” player

Research share in 2018 expected revenues

5% Market share (Europe ex UK equity)

#2 Best broker for Research in Europe (Extel: Companies ranking)

130 Publishing analysts

~1,000 European companies covered

>90% European market cap covered

70% Front office staff ratio

1,200 Institutional investors globally

31%

Shareholders & Business Lines

A strong and diversified shareholder base A house built on Research foundations

Strategic ECM alliances with :

UniCredit Crédit Agricole CIBRabobankSwedbankBelfius5%

15,1%

9,7%

5,2%

5,3%24,7%

40%

Research

Invest

ment

Solut

ions

Corporate

Finance

Debt &

DerivativesEqu

ities

Amsterdam

Madrid Zurich / GenevaNew-York / Boston

Milan Vienna

Frankfurt

Stockholm

London

Paris

Our local footprint

CIMB partnership in Asia

Piper Jaffray partnership in the US

Oslo

Brussels

CIBC partnership in Canada

Potential beneficiary of Mifid II

Customer base

• 55% of revenues derived fromFrance & UK where KC is winning

market share

• ~ 15% of revenues derived fromAmericas-based clients (no Mifid II)

• Players exiting the market and

leaving room for survivors

Service offering

• Pricing model finalized (> 100research pricings agreed)

• With its demand-driven product offering and good acceptance by clients,

KC aims to be the market standard

• Largest provider of SMID research and potential for pricing power post shake-

out

Global execution capabilities

• KC is one of 15 brokers in the EU market owning itsexecution technology (in-house R&D)

• KC is a strong contender for the execution oligopoly with global execution capability

• KC has a proven record of finding blocks of small & mid capsto create liquidity

Ready for Mifid II

Foundation of the firm is Research: even more investment over the past three years, which compares to a strong decline in coverage among global & local peers.

Our unique multi-local coverage, largest research footprint in Europe and highly-ranked analysts make us a research provider of choice with 99.5% of our clients staying on board.

Kepler Cheuvreux serves 1,150 clients on European Equities, which leaves virtually no white spots in our coverage. We estimate serving 7x more clients than local peers, whose distribution got hampered.

Kepler Cheuvreux is poised to benefit from the forthcoming reduction in Small & Mid cap research capacity (and liquidity). Kepler Cheuvreux offers continuity in research coverage.

At this stage, we have carried out almost all research pricings for our clients and Kepler offers the largest coverage in Europe with more than 1,000 stocks covered.

We contribute service interactions data to all the usual aggregators: Bloomberg, Commcise, Markit/One Access, Dealogic/A2 Access, Brokertrak/Cogent, CorpAxe etc.

We consider that Sales (as a research filter) and SmartConnect (research-led Corporate Access services) fall within the perimeter of Mifid II Research services

Our CRM has been configured to stop sending research to non-paying clients and for trial periods

Close to corporates and clients: a multi-local model combined with sector expertise

Additional coverage through partnerships

Amsterdam

10 analysts5 sales1 SmartConnect

London


Stockholm


Paris


Madrid


Zurich / Geneva


NYC / Boston

2 sales in Boston and 6 in New York3 SmartConnect

Milan


Vienna

2 analysts1 sales

Frankfurt


Oslo

13 analysts3 sales

Cities hosting at least one conference

Crossing together

sectors and geographies

which is unique

Hong Kong

3 sales


Brussels

CIBC

Over 1,000 stocks under coverage by Kepler Cheuvreux. 90%+ marketcapitalization covered in most countries.

Highly ranked research :ü Economics & Strategyü ESG & Sustainabilityü Thematic researchü Two-thirds SMID

* Other markets covered by Kepler Cheuvreux include UK, Ireland, Greece

Unrivalled Research Coverage

** Large cap >€5bn; Small & Mid cap EUR5bn) 78 26 26 6 65 36 72 20 10 18 28 375

Of which Small & Mid caps (< EUR5bn) 87 69 33 26 73 37 228 40 9 72 17 682

% of market cap covered 91% 95% 93% 91% 92% 94% 96% 95% 85% 97%

Research rankings

Extel rankings are well regarded by the industry and provide an

overview of players’ leading

positions in different categories

Equity Sectors: Based on Key Fund Managers

Equity Sectors: View from Companies

He

ad

lin

es

Co

un

trie

sR

ese

arc

h

Leading Brokerage Firm –

Countries in Europe

Leading Pan-European

Equity House

Best Broker Overall

1st

5th

7th

Austria Country Research

Iberia Country Research

Benelux Country Research

Italy Country Research

Switzerland Country Research

2nd

3rd

3rd

3rd

Best Broker for Research

(Quoted Companies)2nd

1st

Market Strategy2nd

Forestry, Paper & Packaging

Software & IT Services

Autos & Automotive Components

15 Equity Sectors ranked in the Top 10

2nd

2nd

5th

Autos & Automotive Components

Capital Goods

Retailers (Non Food)

Support & Business Services

Software & IT Services

1st

1st

1st

1st

1st

Extel 2018 survey statistics:

• 11,333 Individuals voting

• 2,682 Buy-side firms

• 1,099 Corporates

• 241 Sell-side firms

Two exciting research products: 360 and Q&A

are in-depth reports which are designed tohave a long shelf life. The idea is that they will

become reference works for our customers.360 really do take us back to our roots asanalysts. Our premise is that all good research

has to be a response to a question. The Q&A reports aredesigned to be hard-hitting and to go straight to the point.Q&A reports challenge received wisdom.

Q&A

Global broker in Europe: 2,250 stocks researched

Piper Jaffray: co-branded research on 700 stocks from 40 publishing analysts. Sector expertise in Healthcare, Energy, Consumer,

Industrial Growth, Technology, Clean Technology & Renewables, Financial

Institutions, Business Services

CIMB: co-branded research on 750 Asian

stocks. Multi-local footprint including CIMB

partnerships in Philippines & Sri Lanka.

Our Rankings*Kepler Cheuvreux considers that its research-led Corporate Access activities qualify as a Researchactivity under Mifid II. This is a view which is endorsed by AMF, our lead regulator.

Our salespeople, analysts and SmartConnect teams work together to provide you with solutionsthat best meet your requirements.

We provide you with comprehensive resources, innovative tools

and knowledgeable support:

Unique access to CEOs / CFOs, operational managers andexperts thanks to our multi-local DNA in Europe and our

partnerships with Piper Jaffray in the US, CIMB in Asia, andnow CIBC in Canada.

Research packs to help you prepare your trips or meetings(research reports, analyst calls etc.)

Flawless logistics and support from our SmartConnect team

Bespoke services

1,100Roadshows

25,000 One-on-ones

2,000 Bespoke trips

50Thematic field trips

200 Expert Meetings

1st

Leading European broker Corporate

Access

(Fund Manager Nominations)

1st

Leading European

broker

Reverse

Roadshows / Field

Trips

(Fund Manager

Nominations)

*All rankings relate to 2018 Extel survey

SmartConnect: undisputed leader in Europe

1st

Leading European

broker

Experts

(Fund Manager

Nominations)

2nd

Leading European

broker

Conferences

(Fund Manager

Nominations)

2nd

Leading European

broker

Roadshows

(Fund Manager

Nominations)2018: Number 1Company & Industry Expert

2018 : Number 1Corporate Access

Roadshows, Combined Tours, Conferences & One-Stop-Shops

Your Best Options

Conferences Overview

*In collaboration with UniCredit ** In collaboration with Borsa Italiana *** In collaboration with Euronext

Event Date Location

German Corporate Conference* 21- 23 January 2019 Frankfurt

Swiss Seminar 21 March 2019 Zurich

STAR Conference** March 2019 Milan

Austrian Equity Days 10-11 April 2019 Paris

1st Italian Equity Day** April 2019 Paris

Mid cap Days 3 - 4 May 2018 Paris

Italian Investment Conference* 16 - 17 May 2018 Milan

Family Business Day *** 23 May 2018 Paris

German & Austrian Property Day* 29 - 30 May 2018 Paris

Biotech Days 20 - 21 June 2018 Paris

R&D Outsourcing Day 4 July 2018 Paris

Italian Industrial day** 5 September 2018 Milan

Italian Lifestyle Day** 4 September 2018 Milan

Italian Infrastructure day** 6 September 2018 Milan

Autumn Conference 12-14 September 2018 Paris

All about Airports Day 9 October 2018 Paris

IAM Italia & STAR Conference** 22-24 October 2018 London

UK Day 28 November 2018 Paris

Italian Financials Conference 19 November 2018 Italy

IR Summit 14 December 2018 Paris

2ndLeading European broker

Conferences(Fund Manager Nominations)

Calendar

Specifically designed for Large Caps IROs

COPENHAGEN October 2

GENEVA November 20

DUBLIN November 21

BRUSSELS December 6

PARIS December 13

Don’t miss this unique opportunity to:

vIdentify investor needs

vSeek new European investors

vMeet with your valuable current shareholders

vOpportunity to network with your European peers

Format:One-on-one & small group meetings

One-Stop-Shops – Europe Tour 2018 –H2

La Défense1. AXA IM2. HSBC GLOBAL AM

Key investors in Paris

South (left bank)1. AMUNDI AM2. CPR AM

3. CDC4. LA BANQUE POSTALE AM5. OSTRUM AM (ex-NATIXIS AM)6. PRO BTP FINANCE

50 mins

Centre (right bank)1. AVIVA INVESTORS2. AG2R- LA MONDIALE GESTION3. ALLIANZ GI France4. BDL CAPITAL MANAGEMENT5. BDF GESTION6. BNP PARIBAS AM7. CM CIC ASSET MANAGEMENT8. COVEA FINANCE9. CREDIT AGRICOLE INDOSUEZ WEALTH

MANAGEMENT10. DNCA FINANCE11. ELEVA CAPITAL12. EXANE ASSET MANAGEMENT13. FINANCIERE DE L’ECHIQUIER14. GENERALI INVESTMENTS15. GROUPAMA AM 16. LAZARD FRERES GESTION17. METROPOLE GESTION18. MONETA ASSET MANAGEMENT19. MANDARINE GESTION20. ODDO BHF AM21. OFI ASSET MANAGEMENT SA 22. ROTHSCHILD & CIE23. SYCOMORE AM

v ABERDEEN AM

City1. ABERDEEN AM2. AVIVA INVESTORS 3. AXA4. BLACKROCK5. BNP PARIBAS IP6. CITADEL EUROPE7. COLUMBIA THREADNEEDLE

INVESTMENT8. FIDELITY MNGT & RESEARCH9. FIDELITY WORLDWIDE INVT10. JP MORGAN AM 11. K.I.O (KUWAIT INVESTMENT

OFFICE)12. MFS INVESTMENT MNGT13. PICTET AM14. SCHRODER IM15. THREADNEEDLE AM16. T ROWE PRICE ITL17. TT INTERNATIONAL IM18. UBS GLOBAL AM

Key investors in London

West End1. AKO CAPITAL2. ALKEN AM3. ARROWGRASS CAPITAL

PARTNERS4. CHEYNE CAPITAL

MANAGEMENT LTD5. EGERTON CAPITAL6. ENGADINE PARTNERS7. GLG PARTNERS8. G.I.C9. INVESCO AM.

10. HSBC GLOBAL AM11. INVESCO AM12. JO HAMBRO13. KAIROS IM14. LANCASTER IM15. LANSDOWNE PARTNERS16. LAZARD AM17. MARBLE BAR AM18. MILLENIUM CAP

PARTNERS19. MOORE EUROPE CL

MNGT

20. NORGES21. OCH-ZIFF MANAGEMENT22. ODEY23. PELHAM CAPITAL24. WILLIAM BLAIR25. ZADIG AM

Victoria & South1. BLUECREST2. CAPITAL WORLD

INTERNATIONAL3. CAPITAL RESEARCH GLOBAL

INV.4. CAPITAL INTERNATIONAL5. JUPITER AM 6. MARSHALL WACE7. WELLINGTON

Mac vs Mc : your trip beyond London

EDINBURGH1. AUBREY CAPITAL MGT, LTD

2. BAILLIE GIFFORD & CO

3. BLACKROCK ITL, LTD

4. EDINBURGH PARTNERS, LTD

5. EURONOVA AM U.K, LLP

6. KAMES CAPITAL, PLC

7. MARTIN CURRIE IM, LTD

8. SCOTTISH WIDOWS IP, LTD

9. STANDARD LIFE INVESTMENTS,/ABERDEEN AM (U.K)

10. SVM AM

11. SYZ AM

12. WALTER SCOTT & PARTNERS, LTD

DUBLINAGF INTERNATIONAL ADVISORS

COMPANY, LTD

FIDEURAM AM (IRELAND)

I.G. IM, LTD

IRISH LIFE IM, TLD

J&E DAVY IM

PIONEER IM, LTD (IRELAND AMUNDI

GROUP)

STATE STREET GI IRELAND, LTD

ZURICH LIFE ASSURANCE, PLC

Fly me to the Nordics!

STOCKHOLM1. AFA FÖRSÄKRINGAR2. ALECTA PENSIONFÖRSÄKRING

(ASSET MANAGEMENT)3. AMF PENSIONSFÖRSÄKRINGAR4. AP1/FÖRSTA AP-FONDEN5. AP3/TREDJE AP-FONDEN6. AP4/FJÄRDE AP-FONDEN7. BONDENHOLM CAPITAL8. CATELLA FONDFÖRVALTNING9. CB ASSET MANAGEMENT10. CEVIAN CAPITAL11. HANDELSBANKEN ASSET

MANAGEMENT (SWEDEN)12. NORDEA INVESTMENT

MANAGEMENT13. RATIONAL ASSET MANAGEMENT14. SWEDBANK ROBUR FONDER15. UNIONEN ASSET MANAGEMENT

COPENHAGEN1. ALLIANCE BERNSTEIN (DENMARK)2. ATP INVESTMENT MANAGEMENT3. CARNEGIE ASSET MANAGEMENT4. DANSKE CAPITAL5. NORDEA INVESTMENT MANAGEMENT

(DENMARK)6. NYKREDIT ASSET MANAGEMENT7. SAXO WEALTH MANAGEMENT8. SEB PRIVATE BANKING (DENMARK)

HELSINKI1. AKTIA ASSET MANAGEMENT2. ELO MUTUAL PENSION

INSURANCE COMPANY3. ETERA MUTUAL PENSION

INSURANCE COMPANY4. FONDITA FONDBOLAG AB5. KEVA6. LOCAL TAPIOLA ASSET

MANAGEMENT7. MANDATUM LIFE INSURANCE

COMPANY8. OP ASSET MANAGEMENT9. SAMPO10. VARMA MUTUAL PENSION

INSURANCE COMPANY

OSLO1. ALFRED BERG

KAPITALFORVALTNING2. ANAXO CAPITAL3. BOREA4. DANSKE CAPITAL5. DnB ASSET MANAGEMENT6. EIKA KAPITALFORVALTNING7. FERD8. FOLKETRYGDFONDET9. FONDSFINANS

KAPITALFORVALTNING10. FORST FONDENE11. GEVERAN12. HANDELSBANKEN

KAPITALFORVALTNING13. HOLDBERG

FONDSFORVALTNING

14. KLP FONDSFORVALTNING15. MIDELFART INVEST16. MP PENSJON PK17. NORDEA INVESTMENT

MANAGEMENT18. NORGES BANK IM19. ODIN FORVALTNING20. OSLO ASSET MANAGEMENT21. PARETO ASSET

MANAGEMENT 22. PROPTECTOR FORSIKRING23. SECTOR FUND SERVICES24. SISSENER25. SKAGEN26. STENSHAGEN27. STOREBRAND AM28. TAIGA FUND MANAGEMENT

What about Germany!

HAMBURG1. ARAMEA ASSET MANAGEMENT2. SIGNAL IDUNA ASSET MANAGEMENT3. WARBURG INVEST KAPITAL

DÜSSELDORF1. APO ASSET MANAGEMENT2. HSBC TRINKAUS & BURKHARDT3. ODDO MERITEN AM4. PROVINZIAL RHEINLAND

VERSICHERUNG5. VM VALUE MANAGEMENT

COLOGNE1. AMPEGA INVESTMENT2. FLOSSBACH VON STORCH3. GENERALI INVESTMENTS

DEUTSCHLAND 4. PROMONT AM5. TALANX AM

STUTTGART1. LBBW ASSET MANAGEMENT2. TRESIDES ASSET MANAGEMENT

MUNICH1. LEBENSVERSICHERUNG VON

1871 G.MÜNCHEN2. B. METZLER seel. SOHN Co.3. BAYERINVEST4. DJE KAPITAL5. EYB & WALLWITZ6. GE ASSET MANAGEMENT, LTD

(GERMANY)7. HAUCK & AUFHÄUSER AM8. HUBER, REUSS & KOLLEGEN9. MEAG MUNICH ERGO10. MFI ASSET MANAGEMENT11. PIONEER INVESTMENTS12. STATE STREET GLOBAL

ADVISORS13. VM VERMÖGENS-MANAGEMENT

FRANKFURT1. ACATIS INVESTMENT

(GERMANY)2. ALLIANZ GLOBAL

INVESTORS3. ARAMEA AM4. BETHMANN BANK5. BHF TRUST MANAGEMENT6. B. METZLER SEEL. SOHN

&CO7. CHOM CAPITAL GmbH8. COMMERZBANK AG IM9. DEKA INVESTMENT10. DEUTSCHE AM

INVESTMENT11. ECKERT MITTELSTAND

INVEST12. ELIGO ADVISORS13. FRANKFURT

PERFORMANCE

MANAGEMENT AG14. FRANKFURT TRUST

INVESTMENT15. FRANKLIN TEMPLETON

INVESTMENT SERVICES16. JOH.BERENBERG 17. LAZARD AM (GERMANY)18. LUPUS ALPHA AM19. MAINFIRST AM20. METZLER AM21. PEH WERTPAPIER AG22. PRISMA INVESTMENT23. SANTANDER AM

(GERMANY)24. SHAREHOLDER VALUE

MANAGEMENT25. UNION INVESTMENT

INSTITUTIONAL26. VERITAS INVESTMENT

Key Investors in Vienna

VIENNA1. 3-BANKEN-GENERALI KAG

2. ALLIANZ

3. AMUNDI AUSTRIA

4. ADVISORY ADVISORY INVEST KAG

5. ERSTE ASSET MANAGEMENT

6. MATEJKA AM

7. RAIFFEISEN CAPITAL MANAGEMENT

8. SALUS ALPHA

9. SEMPER CONSTANTIA

10. SPARKASSEN VERSICHERUNG

11. UNIQA VERSICHERUNG

12. VIENNA INSURANCE GROUP

• KECH-office now since 2011 in Vienna• Very good connection to the Vienna investor base – we know them inside and out.• We are the number 1 broker in Austria

Boarding for Switzerland

BASEL1. BLKB2. BKB3. DREYFUS4. NOVARTIS PK5. ROCHE PK6. SARASIN7. SCOBAG8. TARENO

LUGANO1. BANCA DEL CERESIO2. BANCA POPOLARE DI

SONDRIO (SWISS)3. CORNER BANCA4. CROSSEINVEST5. EFG6. FINPARTNER FINANCIAL

SERVICES7. GAM INVESTMENT

MANAGEMENT LUGANO8. ONE INVESTMENTS9. SWAN ASSET MANAGEMENT

GENEVA1. BANK SYZ (SUISSE)2. BANQUE ERIC STURDZA3. BORDIER & CIE4. CA INDOSUEZ (SWITZERLAND)5. CAPITAL INTERNATIONAL

(SWITZERLAND)6. EDMOND DE ROTHSCHILD

(SUISSE)7. HSBC PRIVATE BANK (SUISSE)8. JABRE CAPITAL PARTNERS9. LOMBARD ODIER AM10. MIRABAUD AM11. PASCAL INVESTMENT

ADVISERS12. R.A.M ACTIVE INVESTMENTS13. UNION BANCAIRE PRIVEE, UBP

ZURICH1. BANK J. SAFRA SARASIN2. CEVIAN CAPITAL3. CREDIT SUISSE AM4. CROSSINVEST5. DEUTSCHE BANK6. EUROPEAN VALUE

PARTNER7. LGT BANK (SCHWEIZ)8. MIRABAUD9. PICTET ASSET

MANAGEMENT10. UBS AG (WEALTH

MANAGEMENT)11. UBS ASSET MANAGEMENT12. ZÜRCHER KANTONALBANK

AM

Possibillity to combine with Milan (1h30 by drive)

Let’s go for a Benelux Combined Tour!

THE HAGUE1. MN SERVICES N.V2. NN INVESTMENT PARTNER.3. SHELL AM COMPANY B.V.4. SAEMOR CAPITAL B.V.

ROTTERDAM1. ALLIANZ NEDERLAND AM2. HAL INVESTMENTS B.V.3. ROBECO INSTITUTIONAL AM B.V

UTRECHT1. ACTIAM NV2. ASR NEDERLAND NV

(INVESTMENT COMPANY)3. PGGM VERMOGENSBEHEER B.V.4. SNS ASSET MANAGEMENT N.V.5. SPF BEHEER BV

AMSTERDAM1. ADD VALUE FUND MANAGEMENT B.V.2. APG ASSET MANAGEMENT N.V.3. BNP PARIBAS IM NETHERLANDS N.V.4. DELTA LLOYD AM N.V5. EVALUATION CAPITAL MANAGEMENT BV6. FARRINGDON CAPITAL MANAGEMENT

(NETHERLANDS)7. GLOBAL OPPORTUNITIES (GO) CAPITAL AM

BV8. INSINGER DE BEAUFORT AM N.V.9. KEMPEN CAPITAL MANAGEMENT N.V.10. LOMBARD ODIER & CIE (NEDERLAND) N.V.11. OWNERSHIP CAPITAL B.V..

BRUSSELS1. BANQUE DEGROOF PETERCAM2. BANQUE NAGELMACKERS3. BANQUE TRANSATLANTIQUE BELGIUM4. BNP PARIBAS IP BELGIUM5. CA INDOSUEZ WEALTH EUROPE6. CANDRIAM BELGIUM S.A.7. CAPITAL@WORK – FOYER GROUP8. DELEN PRIVATE BANK9. DEUTSCHE BANK PRIVATE BANKING

(BRUSSELS)10. FEDERALE ASSURANCES11. KBC ASSET MANAGEMENT N.V.12. P&V VERZEKERINGEN C.V.B.A.13. PUILAETCO DEWAAY PRIVATE

BANKERS14. SOCIETE GENERALE PRIVATE

BANKING (BELGIUM)

LUXEMBOURG1. ABN AMRO BANK (LUXEMBOURG)2. AZ FUND MANAGEMENT3. BANQUE DE LUXEMBOURG4. BCEE ASSET MANAGEMENT5. BGL BNP PARIBAS6. CA INDOSUEZ WEALTH MANAGEMENT7. CAPITAL@WORK – FOYER GROUP

(LUXEMBOURG)8. EDMOND DE ROTHSCHILD (EUROPE)9. ING LUXEMBOURG (PRIVATE BANKING)10. KREDIETRUST LUXEMBOURG11. LOMBARD ODIER12. MIDAS GESTION13. PREVAL14. SMART PRIVATE MANAGERS

(LUXEMBOURG)15. SOCIETE GENERALE BANK & TRUST16. TARENO (LUXEMBOURG)

Key investors in Milan

MILAN1. AMBER CAPITAL ITALIA SGR

2. AMUNDI SGR

3. ANIMA SGR

4. ARCA

5. AZIMUT CAPITAL MANAGEMENT SGR

6. BANCA ALBERTINI SYZ & COMPANY

7. BANCA MONTE DEI PASCHI DI SIENA

8. CORDUSIO SIM

9. EURIZON CAPITAL SGR

10. FIDEURAM INVESTIMENTI SGR

11. GENERALI

12. INTESA SANPAOLO PRIVATE BANKING

13. KAIROS PARTNERS

14. MEDIOLANUM GESTIONE FONDI

15. PIONEER

16. SOPRARNO

17. UNIPOL

18. ZENIT SGR

Key investors in Madrid

MADRID1. AZ VALOR AM

2. BANKINTER GESTION DE ACTIVOS

3. BANKIA FONDOS

4. BBVA ASSET MANAGEMENT

5. BESTINVER GESTION

6. BBVA FINANCIAL & INDUSTRIAL PORTFOLIO

7. COBAS ASSET MANAGEMENT

8. CREDIT SUISSE GESTION

9. INVERCAIXA GESTION

10. MARCH GESTION DE FONDOS

11. MAPFRE

12. MUTUACTIVOS

13. POPULAR BANCA PRIVADA

14. SANTANDER ASSET MANAGEMENT

15. TORREAL SOCIEDAD DE CAPITAL RIESGO

Meet local key investors

North America, Asia, Australia

More to North America than the traditional East Coast Corridor (although key given AUM)

We have divided North America continent into four regions:

Geographically, North America is a lot of ground to cover and we suggest a bespoke call with the team to discuss your North American IR

strategy and objectives. After which, Kepler Cheuvreux’s Sales, Research and Smart Connect teams will work together and present to you a

bespoke program supporting these goals, suggesting investors in each region who are interested to see you.

The North America of Kepler Cheuvreux

EAST COAST2 days New York / Connecticut

1 day Boston

1 day New Jersey/Pennsylvania/Wash DC

1 day Atlanta/Florida/Nassau Bahamas

MIDWEST/WEST1 day Texas (Austin, Dallas, Houston, San Antonio)

1 day Denver/Santa Fe

1 day Des Moines/Kansas City

1 day Chicago/Madison/Milwaukee/Minneapolis

CANADA

1 day Montreal

1 day Toronto

1 day Toronto/Montreal combined

WEST COAST1 day Los Angeles

0,5 day Seattle

1 day San Francisco

0,5 day San Diego

Coverage of the US Market

2 officesNY

Boston

Logistics & corporate

access team

8equity sales

North America

full coverage

FLORIDAn DSMn GQGn Impalan Manning and Napiern Northern Trustn Franklin Templetonn Kopernik Globaln Moto Capital

WASHINGTON D.C

n Capital Worldn Capital International

Key Investors – EAST COAST - MIDATLANTIC

ATLANTA (GA)

n Artisan USn Earnest Partnersn GMT Capitaln Havenn Invesco Advisorsn Ridgeworthn State of Georgia

BOSTON (MA)

n Abrahamsn Adagen Baupostn Blackrockn Boston Commonn Boston Co.n Boston Partners/ Robecon BNP Paribasn Bainl Public Equityn Columbia Threadneedlen Copper Rockn CI Fundsn Delawaren Eaton Vancen Fidelity/FMRn Fidelity Institutional/ FIAMn Finepointn Folger Hilln Granite Pointn GW&Kn Highflieldsn Kornitzer (Buffalo Funds)n Loomis Saylesn MFSn Manulifen Northern Crossn North Runn Point 72n Pioneern Polarisn Putnamn Siriosn Standard Lifen Three Bays Capitaln Victory/Mundern Weiss Capitaln Wellingtonn Wells Cap

NEW YORK AREAn 683 Capitaln Arbitern Ariel Investmentsn Alliance

Bernsteinn Alpine

Woodsn Ambern American

Centuryn Apisn Aptigonn Atlantic Invn Artisann Antipodeann Axiomn Cantillonn Capital

Groupn Carlson Capitaln Castle Hookn Cedar Holdingsn Citadeln Clearbridgen Coatuen Coltranen Cramer Rosenthaln Deutsche AMn Deutsche Bankn Ecapn Electronn Evermoren Eminence n Epochn Euchinus Advisorsn Everpointn Federated Invn Fiduciary Trustn Fir Treen First Eagle

n Folger Hilln Fortress Invn Franklin

Mutualn Fred Algern G.I.C.n GSAMn GSIPn Glenviewn Global Thematicn Highbridgen Hopliten Hound Partnersn IVA Fundsn Impalan Jennisonn JPMAMn Jerichon John Bristoln J. Godmann Junto Capitaln Key Squaren Kingdonn Kuvarin Lazardn Lord Abbettn Lone Pinen Lucernen Luxorn MacKay Shieldsn Marshall Wacen Marlowe Partnersn Mason Capitaln Maverickn McKinleyn Millenniumn Miraen Moore Capitaln MSIMn MSK (Dalton)

n Neuberger Bermann Pennant Capitaln Nextheran Nitorumn Nokotan Norgesn Omegan Oppenheimer

Fundsn Pennant Capitaln Pioletn Point 72n Pointstaten Raton Capitaln Samlynn Sanoor Capitaln Scopusn Senatorn Sierra Globaln Sorosn Steadfastn State of NJn State Streetn Third Aven Third Pointn Three Bridgesn TIAAn TPG-Axonn Tremblantn Tricadian Trilogyn Tweedy

Brownen UN Pensionn Verniern Victoryn Vikingn Vontobeln Voya

MID-ATLANTICn Alliance Bernsteinn Blackrockn Capitaln Clearbridgen Delawaren DuPontn Gardner Russo & Gardnern Wellington

NASSAU (BS)n Capital Researchn Franklin Templetonn Holoweskon Invescon Wells Capital

DENVER (CO)n Cambiarn CoPERAn DIAn Fidelty Selectn ICap

n Janus Hendersonn Paradicen Platte Rivern OFI Global

Key Investors – MIDWEST / SOUTHWEST / WEST COAST

SANTA FE (NM)n Thornburg Investment

Mgmt.

SEATTLE (WA) / PORTLAND (OR)

n Cascaden Columbia Mgtn Edge Asset Mgmt.n Rainier.

SALT LAKE CITY (UT)n Grandeur Peakn Wasatch Advisors

CALIFORNIA

Laguna Beachn WCM

Los Angelesn Aristotlen American Centuryn Capital Guardiann Capital Worldn Capital Researchn Causewayn First Pacificn Hotchkis & Wileyn Ivory Capitaln Kayne Andersonn MetWest Capitaln NWQn Pimcon Prime Cap (Pasadena)n RMBn TCW

Santa Barbaran Nuveen Asset Mgmt.

San Diegon Brandes Investmentn Macquarie Inv Mgmt

San Franciscon Ascendn Artisan Growthn Artisan Value Fundn Balyasnyn Blackrockn Capital Guardiann Capital Worldn Capital Researchn Coatuen Citadeln Dodge & Coxn Empyreann Farallonn Fort Washingtomn Franklin Templetonn Jackson Squaren Maverickn OneO1n Passportn Prepointn Partner Fundsn RCMn RS Investments (VCM)n Route One Inv.n TIAAn Valiant

TEXASn Invesco Advisersn Barrow Hanleyn Brookfield

Investmentn Employees

Retirement System of Texas

n Highsiden

Allianz Global Investors – NFJ Carlson

n Surveyorn Teacher’s

Retirement System of Texas

n Westwoodn US Global

ALASKA

n McKinley Capital Management

CHICAGO (IL)n Acacia Capitaln Advisory Researchn Alyeskan Artisan (Value)n Artisan (Milwaukee)n Balyasnyn Brookfieldn Calamosn Castlearkn Citadeln Columbia Wangern Deutsche Bank RREEFn RMBn Driehausn Duff & Phelpsn Genevan Harrisn Kaboutern Lizardn Janus Perkinsn McKinley n Millenniumn Oberweisn Select Equityn Sheffieldn William Blair

DES MOINES (IA)

n Principal Global Investors

KANSAS CITY (MO)n American Centuryn Chironn Kornitzer Capital n Scout n Waddell & Reed

MINNEAPOLIS (MN)n Columbia Mgmt.n Nuveen Asset Mgmtn Riverbridge Partnersn Winslow Capital

MADISON (WI)

n State of Wisconsin

COLUMBUS (OH)n PNC Capital Advisorsn State Teachers Retirement

System of Ohio

Key Canadian Investors

BRITISH COLUMBIA (VANCOUVER) n Mackenzie Cundill

EDMONTON (ALBERTA)n Alberta Investment Management

TORONTO (ONTARIO)

n 1832 Asset Mgmt.

n AGF Investments

n Beutel Goodman

n Black Creek

n Burgundy

n CGOV

n CI Harbour

n CI Signature

n Cambridge Advisors

n Capital International

n CPP

n EdgePoint

n Empire Life

n Foyston Gordon

n Gluskin Sheff

n Gryphon

n Invesco Trimark

n Mackenzie

n Middlefield

n Ontario Teachers

n Picton Mahoney

n Sentry Investment

n Sprucegrove

n Templeton

n Toronto Dominion

n Wealhouse

n Westwood

MONTREAL (QUEBEC)

n Addenda

n Canadian Broadcasting Corp.

n CN Investment Division

n Fiera Capital

n Global Alpha

n Hexavest Inc.

n Industrielle Alliance

n Jarislowsky Fraser

n La Caisse de Dépots et

Placements du Québec

n Letko Brosseau

n Montrusco Bolton

n Public Sector Pension

The Asia of Kepler Cheuvreux

Since October 2015, Kepler Cheuvreux addresses Asian and Australian clients out of Hong Kong, with a team of European equities professionals hosted by regional partner CIMB.

CIMB is the 3rd most awarded Pan-Asian research franchise, with combined coverage of 1,000+ stocks and nearly 300 non-deal corporate roadshows per annum.

Tailored and targeted roadshows to address the growing demand in APAC for European equities.

Emphasis on Singapore and Hong Kong (1 or 2 days each) + targeted additions depending on corporate wishes and investor interest : Malaysia, Mainland China, Australia, Korea ...

Possible combination of corporate trips and one-off investor meetings.

Well connected in ASEAN and beyond

* Kepler Cheuvreux has exclusive international distribution rights for UniCredit’s CEE product

Key investors in Asia & Australia

• KOREA INVESTMENT CORP (KIC)• NATIONAL PENSION SERVICE (NPS)• MIRAE• KOREA INVESTMENT MANAGEMENT• SAMSUNG ASSET MANAGEMENT

• CHINA INVESTMENT CORP (CIC)

Beijing

• BRUNEI INVESTMENT AGENCY

• EMPLOYEES PROVIDENT FUND (EPF)

• PERMODALAN NASIONAL BERHAD (PNB)

• BANK NEGARA MALAYSIA (BNM)• PACIFIC MUTUAL

• GIC (GOVERNMENT OF SINGAPORE)

• TEMASEK• WELLINGTON• CAPITAL GROUP• MFS• SEATOWN• UOB

• CATHAY GROUP (4 ENTITIES)• NAN SHAN LIFE• FUH HWA SECURITIES • YUANTA

• SAFE INVESTMENT COMPANY• CAPITAL GROUP• MARSHALL WACE• FIDELITY GROUP• ALLIANZ RCM• MORGAN STANLEY IM• TURYIA

• PLATINUM ASSET MGMT• MAGELLAN• PERPETUAL• AUSTRALIAN SUPER• UNISUPER• CBUS• MACQUARIE• RARE• FIRST STATE INVESTMENTS• AMP CAPITAL

APAC – Focus on Growth & Quality

ASIA

Consumer incl. Autos

Tech

Healthcare

Targeted interest for Financials

Limited interest for SMIDs

Dividends

Companies with exposure to Asia

AUSTRALIA

Infrastructure

Utilities

Consumer

Tech

Healthcare

Sustainable growth

ESG bias

Targeted interest for SMIDs

Choosing the best destinations and times

The partnership with CIMB provides on-the-ground logistic support.

Best periods:

• March/ April;

• June/July;

• October/early December

Preferred Destinations:

• Hong Kong, Singapore, Australia

Other Destinations: depending on interest

No coverage of Japan at this time.

“To investor targeting and beyond”

Services dedicated to IROs & Management

“To investor targeting and beyond”: we go the extra-mile for IROs

vWe aim to position ourselves as an IR Departments’ partner. That’s why, in addition to roadshows and conferences, we’ve developed a fullrange of services focused on market knowledge and investor targeting.

BESPOKE Events

ü Investor anatomy calls with Kepler Cheuvreux heads of sales

ü One-on-Ones with Kepler Cheuvreux Expertsü A morning at Kepler Cheuvreux - Morning Meeting and

Trading floor brief for new IR membersü Local events for Investor Relations teamsü In-house lunch followed by a sales briefing

BESPOKE Publications

ü Investor Real Time mappingü Customized Investor Profilesü Shareholders analysisü Trading flows monitor

GLOBAL Events

ü European IR Summit – Full day dedicated to your financial communication issues

ü IR Connect calls

GLOBAL Publications

Ø European Corporate SurveyØ Roadshow Survival Kit

IR Connect Call: 30 mins dedicated to IROs in Europe

Have you ever wondered what investors look for fromIR/management meetings? Or what do they expect fromcorporate financial communication Investment Strategy ?

Now with IR Connect Call, everything you ever wanted toknow about Investors is available wherever you are,whether it is a simple description (Funds, AuM, Team) orInvestment Strategy & Process

Latest editions - Investors

ü BDL Capital Management with Geoffroy Du Boisbaudry, Resarch Analyst

ü Smith and Williamson Investment Management with Mark Pignatelli, Partner

ü Aberdeen Asset Management with Jeremy Whitley, Head of Uk and European Equities

ü JP Morgan Asset Management (ESG Focus) with VineetChhibber (ESG/SRI Senior Analyst)

ü Columbia Threadneedle Investments (ESG Focus) with Iain Richards Head of Responsible Investment

ü Royal London Asset Management with Andrea Williams, PM

Latest editions - Expertsü “The Momentum for Climate-Related Disclosure” with

Jakob Thomae, Director of the 2° Investing Initiative

ü “A prolonged Transition” with Christopher Potts, Managing Director, Head of Economics & Strategy Research

ü “Extel Campaign” with David Enticknap, Managing Director, ExtelWeconvene

ü “Lugano investor Base” with Chris Lukaszek, Kepler Cheuvreux Head of sales in Zurich

ü “Canada investor Base” with Nicolai Lund & Etrita Ibroci, Kepler Cheuvreux’s senior equity sales covering Canada

ü “Boston investor Base” with Alric Wiggil , KECH ‘s Head of Equity Sales, Boston and Henry Gourdeau, Senior Equity Sales

IR Connect Call is also offering everything you wanted toknow about experts.

Roadshow Survival Kit

Local presence is key, do not hesitate to contact your localand dedicated SmartConnect manager to enhance yourroadshow experience!

Excellence in logistics, dedicated access teams in all of ouroffices.

The Roadshow Survival Kit, a must-have that will help youplan and organize your roadshows in 2018.

Detailed maps locating investors of each city youtravel to.

Important dates to avoid for each country, incl.market holidays, national, public and schoolholidays

Relevant & Tailor Made Programmes

The aim of this initiative is to help you with your investor targeting

The list includes investor contacts who have recently met companies or analysts on a specific sector

This is a unique service offered by Kepler Cheuvreux, available on request and tailored to your needs

Investors Real Time Mapping

ESG Roadshows

Let’s Keep it Private

Some like it Carbon Free

A series of one-on-one meetings via conference call/webinarOptimizing management timeSeveral countries in one day, yes we can!

Meet the key institutions with SR-Related funds from London, Paris, Switzerland, the Nordics and Benelux.Total ESG assets under management have increased massively over the past few years.

Increase and diversify your shareholder base and meet with French Private banks.Obtain direct access through events to private investors with sizeable assets.

Our thematic proposals (1/2)

Deep dive

The hidden face of the moon

Thematic roadshows with operational managers.

Focus on a specific theme in a time enhancing schedule.

A unique opportunity to explain your business to key institutions

Equity & Debt roadshows

Increase and diversify your investors’ base.

Optimize your time and capitalize on your day, 1 full-day package roadshow.

Great opportunity to cross-sell your investment case to a broader audience.

Our thematic proposals (2/2)

Research Conviction Call

Management (CEO or CFO) presenting in a 30 min conference call (any high operational level very

welcome as well).

Around 30 institutional investors on the call.

It’s a very efficient, and CO2 friendly, way for top managers to talk to investors.15 min presentation, 15 min Q&A session conference call.

Contacts

SmartConnect

Your SmartConnect team 1/2

Amanda KeoganHead of SmartConnect North America+1 212 710 76 [email protected]

Margaret Boyle SmartConnect Coordinator+1 212 710 [email protected]

Harold RazonSmartConnect Coordinator+1 212 710 [email protected]

Marie LioultDeputy Head of SmartConnect, Head of UK, North America and Nordics+44 (0) 207 621 [email protected]

Emma DrurySmartConnect Coordinator+44 (0) 207 621 [email protected]

Kelly IzzardSmartConnect Coordinator+44 (0) 207 621 [email protected]

Lara McMurraySmartConnect Coordinator+44 (0) 207 621 [email protected]

Laura Aznar MiedesSmartConnect Coordinator+44 (0) 207 621 [email protected]

Ghislain BoyerDeputy Head of SmartConnect, Head of France+33 1 53 65 36 [email protected]

Marie AssenzaHead of Expert/thematic origination+33 1 70 81 57 [email protected]

Christine Combemorel-MartinSmartConnect Manager+33 1 70 81 57 [email protected]

Ludivine Jongen Head of Conferences+33 1 70 81 57 [email protected]

Marie Lang SmartConnect Manager+33 1 70 81 57 41 [email protected]

Caroline LelutSmartConnect Coordinator+33 1 70 81 57 [email protected]

Fabrice Rolland Head of SmartConnect Coordination (France)+33 1 53 65 35 [email protected]

Maelle VilletorteSmartConnect Coordinator+33 1 53 65 35 [email protected]

Myriam Yemane GourdenSmartConnect Manager/Field trips+33 1 70 81 57 [email protected]

Global Head: André Juillard - +33 1 53 65 35 24 - [email protected]

Team France Team UK Team North America

mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]

Your SmartConnect team 2/2Global Head: André Juillard - +33 1 53 65 35 24 - [email protected]

Marcha De Boer+31 (0)20 563 [email protected]

Markus TombersHead of Germany and Austria+49 69 7 56 96 [email protected]

Agathi KapatsinaDeputy Head of SmartConnect Germany and Austria+49 69 7 56 96 [email protected]

Tamara ZügerSmartConnect Coordinator+49 69 7 56 96 [email protected]

Iolanda Bove-WenzelSmartConnect Coordinator+49 69 756 96 [email protected]

Elisabeth ObergSmartConnect Manager+46 8 723 51 [email protected]

Viveka TageniusSmartConnect Coordinator+46 8 723 51 [email protected]

Stina AhlsenSmartConnect Coordinator+46 8 723 51 [email protected]

Simona CerriSmartConnect Manager+39 02 8550 [email protected]

Grazia PecorelliSmartConnect Manager+39 02 8550 [email protected]

Cuca OlallaSmartConnect Manager+ 34 91 436 [email protected]

TeamGermany-Austria

TeamNetherlands

TeamNordics

TeamItaly

TeamSpain

TeamAsia-Australia

Please contact your local SmartConnect Manager.

Rula KokonakisSmartConnect Manager+41 43 333 [email protected]

Vincent ChevrierSmartConnect Coordinator/Sales+41 22 994 [email protected]

TeamSwitzerland

Neila BourasSmartConnect Manager+32 11 49 14 [email protected]

TeamBelgium-Luxembourg

mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]

Contacts

Stina AHLSEN

Marie ASSENZA

Laura AZNAR MIEDES

Maelle VILLETORTE

CucaOLALLA

Markus TOMBERS

Tamara ZÜGER

Margaret BOYLE

Vincent CHEVRIER

Ludivine JONGEN

Elisabeth OBERG

Kelly IZZARD

Emma DRURY

Lara MCMURRAY

Christine COMBEMOREL-MARTIN

Rula KOKONAKIS

Harold RAZON

Ghislain BOYER

Simona CERRI

Amanda KEOGAN

André JUILLARD Grazia PECORELLI

Fabrice ROLLAND

Agathi KAPATSINA

Marie LIOULT

Myriam YEMANE Marie LANGNeilaBOURAS Viveka TAGENIUS

Iolanda BOVE-WENZEL

Caroline LELUT

Disclaimer

This product is not for retail clients or private individuals.

The information contained in this publication was obtained from various publicly available sources believed to be reliable, but has not been independently verified by KEPLER CHEUVREUX. KEPLER CHEUVREUX does not warrant thecompleteness or accuracy of such information and does not accept any liability with respect to the accuracy or completeness of such information, except to the extent required by applicable law.This publication is a brief summary and does not purport to contain all available information on the subjects covered. Further information may be available on request. This report may not be reproduced for further publication unlessthe source is quoted.This publication is for information purposes only and shall not be construed as an offer or solicitation for the subscription or purchase or sale of any securities, or as an invitation, inducement or intermediation for the sale, subscriptionor purchase of any securities, or for engaging in any other transaction. This publication is not for private individuals.Any opinions, projections, forecasts or estimates in this report are those of the author only, who has acted with a high degree of expertise. They reflect only the current views of the author at the date of this report and are subject tochange without notice. KEPLER CHEUVREUX has no obligation to update, modify or amend this publication or to otherwise notify a reader or recipient of this publication in the event that any matter, opinion, projection, forecast orestimate contained herein, changes or subsequently becomes inaccurate, or if research on the subject company is withdrawn. The analysis, opinions, projections, forecasts and estimates expressed in this report were in no way affectedor influenced by the issuer. The author of this publication benefits financially from the overall success of KEPLER CHEUVREUX.The investments referred to in this publication may not be suitable for all recipients. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary. Any loss or otherconsequence arising from the use of the material contained in this publication shall be the sole and exclusive responsibility of the investor and KEPLER CHEUVREUX accepts no liability for any such loss or consequence. In the event of anydoubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing. Some of the investments mentioned in this publication may not be readilyliquid investments. Consequently it may be difficult to sell or realise such investments. The past is not necessarily a guide to future performance of an investment. The value of investments and the income derived from themmay fall aswell as rise and investors may not get back the amount invested. Some investments discussed in this publication may have a high level of volatility. High volatility investments may experience sudden and large falls in their value whichmay cause losses. International investing includes risks related to political and economic uncertainties of foreign countries, as well as currency risk.To the extent permitted by applicable law, no liability whatsoever is accepted for any direct or consequential loss, damages, costs or prejudices whatsoever arising from the use of this publication or its contents.KEPLER CHEUVREUX (and its affiliates) have implemented written procedures designed to identify and manage potential conflicts of interest that arise in connection with its research business, which are available upon request. TheKEPLER CHEUVREUX research analysts and other staff involved in issuing and disseminating research reports operate independently of KEPLER CHEUVREUX Investment Banking business. Information barriers and procedures are in placebetween the research analysts and staff involved in securities trading for the account of KEPLER CHEUVREUX or clients to ensure that price sensitive information is handled according to applicable laws and regulations.

Country and region disclosures

United Kingdom: This document is for persons who are Eligible Counterparties or Professional Clients only and is exempt from the general restriction in section 21 of the Financial Services and Markets Act 2000 on the communication ofinvitations or inducements to engage in investment activity on the grounds that it is being distributed in the United Kingdom only to persons of a kind described in Articles 19(5) (Investment professionals) and 49(2) (High net worthcompanies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended). It is not intended to be distributed or passed on, directly or indirectly, to any other class ofpersons. Any investment to which this document relates is available only to such persons, and other classes of person should not rely on this document.United States: This communication is only intended for, and will only be distributed to, persons residing in any jurisdictions where such distribution or availability would not be contrary to local law or regulation. This communicationmust not be acted upon or relied on by persons in any jurisdiction other than in accordance with local law or regulation and where such person is an investment professional with the requisite sophistication to understand an investmentin such securities of the type communicated and assume the risks associated therewith.This communication is confidential and is intended solely for the addressee. It is not to be forwarded to any other person or copied without the permission of the sender. This communication is provided for information only. It is not apersonal recommendation or an offer to sell or a solicitation to buy the securities mentioned. Investors should obtain independent professional advice before making an investment.Notice to U.S. Investors: This material is not for distribution in the United States, except to “major US institutional investors” as defined in SEC Rule 15a-6 ("Rule 15a-6"). Kepler Cheuvreux refers to Kepler Capital Markets, Sociétéanonyme (S.A.) (“Kepler Capital Markets SA”) and its affiliates, including CA Cheuvreux, Société Anonyme (S.A.). Kepler Capital Markets SA has entered into a 15a-6 Agreement with Kepler Capital Markets, Inc. ("KCM, Inc.”) whichenables this report to be furnished to certain U.S. recipients in reliance on Rule 15a-6 through KCM, Inc.Each U.S. recipient of this report represents and agrees, by virtue of its acceptance thereof, that it is a "major U.S. institutional investor" (as such term is defined in Rule 15a-6) and that it understands the risks involved in executingtransactions in such securities. Any U.S. recipient of this report that wishes to discuss or receive additional information regarding any security or issuer mentioned herein, or engage in any transaction to purchase or sell or solicit or offerthe purchase or sale of such securities, should contact a registered representative of KCM, Inc.KCM, Inc. is a broker-dealer registered with the Securities and Exchange Commission (“SEC”) under the U.S. Securities Exchange Act of 1934, as amended, Member of the Financial Industry Regulatory Authority (“FINRA”) and Member ofthe Securities Investor Protection Corporation (“SIPC”). Pursuant to SEC Rule 15a-6, you must contact a Registered Representative of KCM, Inc. if you are seeking to execute a transaction in the securities discussed in this report. You canreach KCM, Inc. at Tower 49 at 12 East 49th Street, Suite 3605, New York, NY, 10017, Compliance Department (212) 710-7625; Operations Department (212) 710-7606; Trading Desk (212) 710-7602. Further information is also availableat www.keplercapitalmarkets.com. You may obtain information about SIPC, including the SIPC brochure, by contacting SIPC directly at 202-371-8300; website: http://www.sipc.org/

KCM, Inc. is a wholly owned subsidiary of Kepler Capital Markets SA. Kepler Capital Markets SA, registered on the Paris Register of Companies with the number 413 064 841 (1997 B 10253), whose registered office is located at 112avenue Kléber, 75016 Paris, is authorised and regulated by both Autorité de Contrôle Prudentiel (ACP) and Autorité des Marchés Financiers (AMF).Nothing herein excludes or restricts any duty or liability to a customer that KCM, Inc. may have under applicable law. Investment products provided by or through KCM, Inc. are not insured by the Federal Deposit Insurance Corporationand are not deposits or other obligations of any insured depository institution, may lose value and are not guaranteed by the entity that published the research as disclosed on the front page and are not guaranteed by KCM, Inc.Investing in non-U.S. Securities may entail certain risks. The securities referred to in this report and non-U.S. issuers may not be registered under the U.S. Securities Act of 1933, as amended, and the issuer of such securities may not besubject to U.S. reporting and/or other requirements. Rule 144A securities may be offered or sold only to persons in the U.S. who are Qualified Institutional Buyers within the meaning of Rule 144A under the Securities Act. Theinformation available about non-U.S. companies may be limited, and non-U.S. companies are generally not subject to the same uniform auditing and reporting standards as U.S. companies. Securities of some non-U.S. companies maynot be as liquid as securities of comparable U.S. companies. Securities discussed herein may be rated below investment grade and should therefore only be considered for inclusion in accounts qualified for speculative investment.
http://www.keplercapitalmarkets.com/http://www.sipc.org/

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